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Following the pullback seen in the previous session, treasuries showed a substantial move back to the upside during trading on Thursday.
Bond prices skyrocketed early in the session and remained sharply higher throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged 14.1 basis points to 4.055 percent.
The ten-year yield more than offset the 4.0 basis point increase seen on Wednesday, ending the session at its lowest closing level since mid-October.
Treasuries benefitted from their appeal as a safe haven after President Donald Trump delivered a highly anticipated speech on Wednesday outlining his plan to impose sweeping tariffs on U.S. trade partners.
Trump's "reciprocal tariff" plan calls for a baseline 10 percent tariff to be imposed on all U.S. imports except those compliant with the United States-Mexico-Canada Agreement.
Certain countries deemed the "worst offenders" will face much higher tariffs, with countries like Cambodia, Laos, Madagascar and Vietnam set to be charged nearly 50 percent.
China, which will face a 54 percent tariff rate when the new levies are combined with existing duties, has vowed to take countermeasures.
Canada and the European Union are also preparing countermeasures, leading to concerns about a trade war that could fuel inflation and damage the global economy.
Possibly adding to the buying interest, the Institute for Supply Management released a report showing U.S. service sector growth slowed by more than anticipated in the month of March.
The ISM said its services PMI fell to 50.8 in March after inching up to 53.5 in February. While a reading above 50 still indicates growth, economists had expected the index to show a more modest decrease to 53.0.
The Labor Department's closely watched monthly jobs report is likely to be in focus on Friday, while traders are also likely to keep an eye on remarks by Federal Reserve Chair Jerome Powell.
